That's the starting rate and then there are millage rates that bring it down to the actual tax rate.

I have seen it too many times where an investor will buy an older property or even a new build, they net cashflow similar to you for a year ($100-$200 per month) and then a $5,000 repair or insurance/tax hike here hits them and it's a loss - they either get forced to sell or are majorly setback and unmotivated. 

@Veronique Leroy I would say it is possible if you force equity, hold for a few years and then sell and then average the return of the whole profit over the timeframe of deal.

For a long term investor:Would it make sense if you could buy the home at a steep discount and then let the owner stay rent free for a specific period of time?

This year I may see if if I can get a construction loan to build 20-30 apartments, then refinance with an asset based lender. what markets?

Until then it can be really stressful. 

If it's not then maintenance can easily eat away at your returns.

I was able to get more information on the property then if I didn’t know the seller and I’m still able to contact the seller if I have questions.

Often times someone passes their NMLS test, hangs their license, does a few Fannie/Freddie deals, then tries to get into investor lending.

Planning on living off of the positive income and then eventually on our investment.